Mikros Systems Announces Additional Navy Funding for Engineering and Technical Support of the ADEPT® Program

Over $2.6 million in U.S. Navy funded orders received year-to-date

Princeton, N.J., Aug. 9, 2017: Mikros Systems Corporation (OTCQB: MKRS) announced today that it has received additional funding of $437,000 to provide engineering and technical support for its ADEPT (Adaptive Diagnostic Electronic Portable Testset) maintenance workstation product. Currently, there are more than 180 ADEPT systems deployed by the U.S. Navy. This is the third funding increment received in 2017 under a previously announced three-year $11.5 million delivery order.

Year-to-date, Mikros Systems has received over $2.6 million in U.S. Navy funding to support production, engineering and technical support of the ADEPT product line.

“We are proud to continue our 15-year partnership with the U.S. Navy to bring advanced maintenance capabilities to their mission critical systems around the world,” commented Chuck Bristow, Mikros Systems Chief Operating Officer. “This funding order will enable us to continue to promote ADEPT adoption into additional combat systems and ship classes.”

ADEPT is used by U.S. Navy cruiser and destroyers to maintain and optimize the performance of critical systems, including advanced radars such as the AN/SPY-1 phased array radar used by the Aegis combat system.

Mikros Systems will support the 180 ADEPT systems currently deployed throughout the world from its Fort Washington, Pennsylvania and Largo, Florida facilities.

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Mikros Systems Corporation is an advanced technology company specializing in the development and production of electronic systems technology for advanced maintenance in military, industrial and commercial applications.  Classified by the U.S. Department of Defense as a small business, its capabilities include technology management, electronic systems engineering and integration, radar systems engineering, command, control, communications, computers and intelligence systems engineering, and communications engineering. For more information on Mikros, please visit: www.mikrossystems.com.

Source: Mikros Systems Corporation

CONTACT:  Thomas J. Meaney – (609) 987-1513

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All statements in this news release other than statements of historical facts are forward-looking statements which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as “anticipates,” “believes,” “could,” “expects,” “intends,” “may,” “should” and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause the Company’s actual results, events or financial positions to differ materially from those included within or implied by such forward-looking statements. Such factors include, but are not limited to, changes in business conditions, a decline or redirection of the U.S. Defense budget, significant delays or reductions in appropriations for our projects,  the termination of any contracts with the U.S. Government, changes in our sales strategy and product development plans, changes in the marketplace, continued services of our executive management team, our limited marketing experience, competition between us and other companies seeking SBIR grants, competitive pricing pressures, market acceptance of our products under development, delays in the development of products, our ability to adequately integrate our new software offerings into our business model, our ability to market our solutions to commercial customers, numerous other matters of national, regional and global scale, including those of a political, economic, business and competitive nature, statements of assumption underlying any of the foregoing, and other factors disclosed in our annual report on Form 10-K for the year ended December 31, 2016 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements.

 

Mikros Systems Corporation, 220 Commerce Drive Suite 300, Fort Washington, PA 19034 Phone 215.371.3913